Amazon Investing Another $2 Billion in India

Amazon plans to invest an additional $2 billion in its India operations, the company announced Wednesday, in an attempt to grab a growing slice of the country's online retail market.

"We see huge potential in the Indian economy and for the growth of e-commerce in India," CEO Jeff Bezos said in a statement. "India is on track to be our fastest country ever to a billion dollars in gross sales."

Amazon launched its e-commerce site in India last year, going head to head with Flipkart, a local company founded by two former Amazon employees. On Tuesday, Flipkart announced that it had raised $1 billion in funding, the largest-ever sum raised by an Indian internet firm, the BBC reports, but still only half of what Amazon could retrieve from its deep pockets.